Who’s in Charge Around Here, Anyway?

price tag

So you’re ready to list your house, and you know, deep down, that your house is worth at least $xxx,xxx. Minimum. And probably more! That’s fantastic – good luck with that! But wait a minute – who really sets the sales price? 

Before you call me out for trying to boss you around (this is YOUR house, after all), hear me out. When push comes to shove, the Seller is ultimately in charge when it comes to settling on a Listing Price. What the Seller will not be able to control, however, is whether the house will actually sell for anywhere near that price.

So who IS in charge around here? The answer is part art, part science and all about the state of the market. There is definitely more to pricing a home than picking an attractive number out of the air.

Determining Comparable Listings is the first step in building a fact-based sales price, and the ability to find and select valid comparable homes, or “comps,” is a skill that is learned initially, but grows with experience. Ideal comps are those that have actually sold, not just the current listing competition.  One four bedroom house might seem equal to another four bedroom house in the same neighborhood, but what if one has a two car garage and one just a single, or one has a finished basement and the other is unfinished. The yard, location and condition of the property can also come into play. The value of a listed comp vs. a sold comp are definitely not equal – the listing price of a home may be far removed from the final sales price, which is why sold properties make for the truest, fairest comparable home when determining price.

Every neighborhood is different, and knowledge of current trends also plays a role in setting a viable Listing Price. Is the neighborhood up and coming? Are there plans for road construction nearby in the near future? Has the neighborhood school recently won a prestigious award? Factors like this can have a subtle but noteworthy effect on home prices in a given neighborhood.

But what if time is on your side? Even if you are in no hurry to sell, you’ll start to tire of the process if your home lingers on the market. And there is definitely an expiration date for the price on your home if it hasn’t sold yet. Consider this – studies show that no matter the state of the market, the first two weeks of your sale are vital. If your property is overpriced, you will quickly lose the interest of buyers currently on the market and have to rely on new buyer traffic, which is a trickle compared to the larger group of buyers in the pool when your home is first listed. Even if you’ve got all the time in the world, be flexible and be willing to price it right.

Are you thinking about selling in this hot market? There are 6,000 fewer properties on the market right now than were for sale this time last year, and buyers are keen to find the right home – maybe yours!

Call me or drop a line – I’m here to help you price your listing right or find your next dream home at the best possible price in this market.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Tips & Tricks for Summer Staging

The market is HOT for Sellers right now, but even with the speedy sales and strong prices we’re seeing around Metro Denver, home staging is still a valuable component of your selling strategy, and can contribute to a higher price or faster sale – no matter what the market looks like. 

Image

Don’t take tips from The Jungle Book – tame your yard before a sale!

 

One tip passed along from a local window cleaning father & son duo is to remove window screens to sharpen the view while your home is on the market. Sparkling clean windows are an obvious consideration as your home goes to market, but stacking the window screens in storage or the garage so buyers can really take in the view is a quick, easy and absolutely free way to brighten your home. Make sure you pass along where screens are stored at inspection time so the buyer knows the screens are available.

Power washing is a powerful way to improve your home’s exterior. Rent a power washer from the hardware store or borrow one from a neighbor. A robust power washing of your deck and siding will knock off cobwebs and dust and give your home a fresher appearance. 

Speaking of decks – if yours is in tough shape, or just needs a fresh coat of stain, consider my favorite new miracle-in-a-paint-can from Behr, Deckover. Clients of mine, a family in Parker, recently transformed their worn out deck from drab to delightful with a single coat of this product, which can make wood, concrete or composite material look amazing. If your front porch or back deck is structurally sound but looks dull or faded, this is the answer. It’ll give your exterior underfoot surfaces a complete makeover with minimal expense and effort.

Give your shrubs and trees a haircut – and hire a professional if this is not your area of expertise. If your front yard features a tree or shrub that has seen better days, remove it and either replace it or repair the spot where the plant once stood. Dead or struggling plants are not enticing for buyers, and your home’s curb appeal is both the first and last thing a buyer will see. 

We are continuing to see strong prices for sellers and record breaking numbers across Metro Denver, and I’d appreciate the opportunity to be your guide in this fast paced marketplace. Give me a ring or drop me a line – I’m happy to help you buy, sell or talk about your options. 

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate